FAQ

We set out to build a company that stood out from the competition and completely changed the way customers are treated. Customer satisfaction is the heart of our business, and as a family-owned company, we understand the value of dependability. Our company was built on the principle that no two customers are same. We take the time to understand your business and create solutions that are specifically tailored to your needs. Transparency is a top concern for us. There are no surprises, no deceptions here. We will offer you with a complimentary, full-disclosure rate comparison, line-item by line-item. We'll even tell you if our rates aren't the most competitive. We will point you in the right direction regardless of the impact on us.

With Tesla Payments you can count on:

• No long term contracts. We earn your business every day
• No early termination fees
• Full-pricing disclosure
• We only pass-through interchange changes.
• There will be no erroneous lead-ins such as "free terminal” or “introductory rates” only to be compensated for by increased rates.

No, we simply ask for 60 days' notice before canceling. And, while we're at it, be careful. Read the fine print of all agreements for your own protection. Don't take anyone's word for it.  It's frequently a matter of semantics, renaming the early cancellation penalty a de-conversion fee or some other made-up legal word.

To qualify for the best B2B interchange rates, transactions using commercial cards such as Corporate, Business, Purchasing, and GSA Purchasing require a Level 2 or 3 merchant account. Tesla Payments, with over 15 years of experience in the B2B industry, can ensure you are properly set up and taking advantage of a Level 3 merchant account.

Advertised rates like this are just the top of the iceberg. The advertised "rate as low as" may be the only rate you were quoted, but it will not be the only rate charged. A detailed analysis almost always reveals that our rates are lower, and the only difference is between "marketing" and "full disclosure."

Our Merchant Rates Calculator instantly calculates the most cost-effective rate and savings associated with accepting credit cards with Tesla Payments.

The Card Associations (Visa, MasterCard, and Discover) impose a set of fees known as "Interchange Fees" that must be paid by all merchants who accept credit cards. The cost charged for moving credit card transactions back and forth between the parties involved (merchant, payment processor, bankcard companies, and issuing banks) is known as interchange. Interchange fees  vary depending on a number of factors such as  the type of card, how the card information is provided, and the type of transaction. Rewards cards, for example, have higher rates than debit cards; keyed transactions have a higher rate than chip read transactions, and so on. Transactions can potentially "downgrade," for a variety of reasons resulting in higher interchange rates. This is why it is critical to select a provider who is knowledgeable with interchange management. Interchange costs are the same for all payment processors.

Interchange Cost Plus is a simple, billing structure that allows Tesla Payments to pass through the exact interchange charges imposed by the Card Associations. A merchant is then only charged a small percentage over the actual interchange rates, which remain constant for each charge type. This enables Tesla Payments to fairly price merchant accounts, as merchants who process at higher volumes will pay higher costs, but only in proportion. The same is true for small business owners.  By offering a constant margin, smaller merchants are not penalized for processing smaller volume.  Tesla Payments prefers Interchange Cost Plus pricing because we are committed to a transparent pricing structure that guarantees our merchants get the most competitive pricing.

Most merchant service providers do not disclose Interchange rates. You can't know what your provider is charging you or if they're billing you fairly if you can't see how much transactions cost them. Unfortunately, this industry has a poor reputation due to exorbitant fees, complex pricing structures, and a negative attitude toward smaller merchants. Tesla Payments was established with the purpose of changing all of that.

In our proposal, we detail every fee associated with accepting credit cards, including interchange, assessments, access fees, PCI fees, and all other expenses. Speak with one of our experienced Sales Professionals to get a quote for any other payment solutions that may be needed, as well as to select the payment technology that is best suited to your business.

As you probably already know, your savings are calculated using your most current processing statements. Among other things, we analyze your current billing structure, interchange qualification, per-item costs, and miscellaneous charges. We do not adjust a single rate, but rather target total cost savings through increased efficiency, which may include cash discount programs, proper interchange qualification, automatic settlement, and more competitive pricing, among other things.

We are extremely conservative when it comes to presenting our estimated merchant savings. In fact, we will under-promise and over-deliver. After the first complete billing statement cycle, we will examine your pricing to ensure that the savings are at least what we promised, if not more.

While interchange rates are a well-known commodity that can be easily accessed through web-based quote engines, there is no substitute for a thorough discussion with one of our Account Managers. Payment technology is evolving at a rapid pace, and there are numerous options available. We can only make appropriate recommendations after we have a conversation to learn more about your business, existing infrastructure, and needs. We provide a comprehensive range of payment solutions for all merchant types that are competitively priced and as transparent as the rest of the Tesla Payments quote.

Our preferred pricing structure is designed to keep your rates as low as possible. Our processing fee never increases, and we closely monitor and track changes in Interchange and Assessments that affect our clients, which typically occur twice a year, in April and September. Our pricing structure ensures that only actual changes are passed through, rather than general increases. There is no early termination fee in our agreement, and we must keep our promises every month if we want to keep your business.

PIN debit pricing includes a transaction fee as well as Debit Network Switch and Interchange fees. Each debit network has its own fee schedule. Speak with one of our Account Managers who can analyze your merchant statement and provide a PIN debit break-even analysis as well as a quote to determine if PIN acceptance is right for your business.

Our agreement has no early cancellation fee. We only ask you to give us a 60 day notice before canceling your contract. This means that you are not locked into a long-term contract without any exit options. You can cancel your contract at any time we only ask that you provide us with a 60-day notice prior to your cancellation.

A break-even analysis can be created with the assistance of one of our experienced Account Managers. If your current provider charges a $500 exit fee if you cancel your contract before the next two years, but your reduced merchant rates save you $1,000 each year, it becomes a clear business decision... A $2,000 savings was lost in order to avoid a $500 termination fee.

We can't risk picking up the tab for your existing cancellation fee unless we force you to process with us for a long enough that the transaction makes financial sense. Rather than pressuring you to do business with us, we strive to provide you with the best merchant rates and allow our savings to quickly offset any cancellation fee from your prior processor. Companies who offer to reimburse your existing cancellation fee almost always lock you into a much higher cancellation fee with them. What you don't want is to jump from one bad contract to another. And since we have no contract cancellation fees, you have nothing to lose.

Tesla Payments offers both 48 hr funding and Next Day funding. Although it can’t be guaranteed, Next Day funding is typically available as long as transactions are settled by 8PM EST.  48 hr funding time means that if you accept $1,000 in payments on a Monday and submit those transactions to us by midnight EST, you’ll see $1,000 deposited into your bank account by Wednesday, 2 business days later.

Once we receive your complete paperwork, the typical turn around averages 48 business hours.

If you require a rush, just let your Sales Professional know and they will help expedite your service.

When you open a new merchant account, we will typically request specific documentation from you in order to comply with Federal regulations and to properly assess how your account will be used. Some of the requests we'll make are as follows: Any new application will require signatures from either the business owner or an authorized representative of the non-profit organization. (An authorized representative is anyone designated by the nonprofit as being capable of acting on its behalf.) Personal guaranties will not be required for nonprofits or corporations. We'll only be verifying the signer's identity, as required by the Patriot Act, along with two years of business financials. In addition to business details, we typically require a personal guaranty and a credit check on the business owner for private businesses. Please be ready to provide this information. We will always require proof of the bank account you wish to use so that we can deposit your funds and deduct our fees. A voided check (the check must be pre-printed with your organization's name and address) or a signed bank letter from your financial institution can serve as proof. The bank letter should simply state your organization's name, as well as the ABA routing number and checking account number of your bank account. We'll need proof of your legal entity. If you represent a nonprofit organization, we will usually request your IRS 501c3 letter or a recent tax return. As a private company, almost any federal or state-issued document containing your company's information will suffice. A business license, sales tax registration, articles of incorporation, or most recent tax return will suffice as proof of your establishment. If you've already been accepting credit cards, we'd appreciate it if you could send us previous processing statements. These will inform our underwriters about the types of transactions you accept, allowing them to make more informed decisions. We may request additional documentation based on a variety of other factors.

PCI compliance is a set of rules and regulations, that apply to any business, of any size, that accepts credit cards. This standard was set by the five largest credit companies to help in the fight against credit card fraud. For a business to be compliant, PCI compliance requires a specific set of safety protocols designed to protect both the business and its customers from fraudulent activity. By becoming compliant, merchants are ensuring that their business is staying as protected (as much as possible) from fraud, and accepting credit cards in the manner that Visa/MC/Discover/Amex deem safe and appropriate.

It is actually PCI DDS, which stands for Payment Card Industry Data Security Standard. Being PCI compliant means merchants are abiding by data security standards established by the Payment Card Industry Security Standards Council.

That’s an important question to ask! There are four different levels based on a business’ annual transaction volume. Becoming compliant and staying compliant is pretty simple. Your business will be required to go through an annual Self-Assessment Questionnaire to determine any potentially unsafe practices. Certain businesses and/or organizations may have additional requirements to become compliant based on their processing methods. Once you sign up with Tesla Payments, we’ll provide you online access to your PCI compliance portal, so that you can ensure your business completes all proper requirements. Failing to do so leaves you at risk for data breaches, which could end up in costly fines and card replacement fees, as well as audits, investigations into the business, and heavy damage to your business' reputation.